What's behind put trade in Noble

optionMONSTER systems show that about 6,000 September 28 puts were bought for $0.53 while a block of 7,496 September 32 calls was sold for $1.55. Previous open interest in each strike was below 1,000 contracts, so this is a new combination trade.

The trade could be an outright bearish bet, but it is more likely it is a collar that is designed to protect a long-stock position. (See our Education section)

NE is up fractionally at $31.89 in midday trading. It is back to resistance at $32 that has mostly held up since late January.